Galaxy Digital, founded by ex-partner of Goldman Sachs and former top manager of Fortress Investment Group Mike Novogratz, plans to raise $ 250 million under the fund for lending to cryptocurrency companies in difficult situations. This is reported by Business Insider.
New fund will issue loans to companies affected by the bear market, including ICO-startups. Probably, borrowers will be able to mortgage cryptocurrency funds and mining equipment.
Earlier, Novogratz increased its stake in Galaxy Digital to 79.3%, acquiring 7.5 million shares for $ 4.8 million.
Recall that Galaxy Digital is actively involved in financing BlockFi blockchain-startup. In the summer of 2018, the bank invested $ 52.5 million in the company, and in December joined Morgan Creek, Susquehanna, Akuna Capital and Devonshire Investors in the next round of financing for $ 4 million.
New York-based BlockFi offers loans to corporate and private clients, taking their cryptocurrency savings as collateral.